N.Y. Public Authorities Law 1836-C – Applications for loans
§ 1836-c. Applications for loans. 1. Any employee ownership association may apply to a local development corporation serving the municipality in which the eligible project is located for an employee ownership assistance loan to be used to help finance an eligible project. Such application must include a written statement from the entity from which the project is being acquired, stating that such entity consents to the acquisition. The application shall include in detail:
Terms Used In N.Y. Public Authorities Law 1836-C
- Authority: means the job development authority created by section one thousand eight hundred two of this chapter. See N.Y. Public Authorities Law 1836-B
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Eligible project: means the acquisition or rehabilitation by an employee ownership association of an existing industrial or manufacturing plant located in this state for the purpose of operating it as an employee-owned enterprise. See N.Y. Public Authorities Law 1836-B
- Employee ownership association: means a corporation or other association formed by or on behalf of the employees of an industrial or manufacturing plant located in this state for the purpose of assuming ownership or control of the plant and operating it as an employee-owned enterprise or as a worker cooperative as defined in § 81 of the cooperative corporations law. See N.Y. Public Authorities Law 1836-B
- Funding partner: means an entity which singly or in combination with other entities has agreed to finance a portion of the project cost of an eligible project, and may include the employee ownership association undertaking the project as well as any financial entity. See N.Y. Public Authorities Law 1836-B
- Loan: shall mean (i) a mortgage loan evidenced by a bond, note or other obligation of a local development corporation secured by a mortgage on a project, defined in subdivision fourteen (i) and (ii) of this section, made by a local development corporation, a project occupant or other person, firm or corporation; (ii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a loan agreement, contract or such other instrument deemed necessary or convenient on a project defined in subdivision fourteen (iii) of this section; (iii) a loan evidenced by a bond, note or other obligation of a local development corporation, a project occupant, or other person, firm or corporation secured by a security interest in machinery and equipment as provided in section eighteen hundred fourteen; and (iv) an employee ownership assistance loan made pursuant to paragraph (v) of subdivision fourteen of this section. See N.Y. Public Authorities Law 1801
- Municipality: shall mean any county, city, town or village in the state. See N.Y. Public Authorities Law 1801
- Plant: includes the site, structure, building and equipment and all real and personal property in connection therewith, whether or not in existence, and may include any road, railroad, or utility or equipment appurtenant thereto. See N.Y. Public Authorities Law 1836-B
- Project: shall mean (i) the construction of a new industrial or manufacturing plant, a new research and development building or other new eligible business facility, (ii) the acquisition, rehabilitation or improvement of a former or existing industrial or manufacturing plant, of a former or existing building to be used for research and development, of a former or existing other eligible business facility, (iii) the construction, acquisition, rehabilitation or improvement of pollution control facilities, (iv) the purchase of machinery and equipment, for which financial assistance from the authority is sought, or (v) assistance to employees under an employee ownership assistance loan agreement made pursuant to subtitle six of this title; provided, however, that any such plant, building, facility or machinery and equipment therefore shall not be primarily used in making retail sales of goods or services to customers who personally visit such facilities to obtain such goods or services, or used primarily as a hotel, apartment house or other place of business which furnishes dwelling space or accommodations to either residents or transients. See N.Y. Public Authorities Law 1801
- Project cost: includes all reasonable and necessary costs to be incurred in the course of an eligible project, including any anticipated acquisition, construction, land acquisition, improvements, equipment, pertinent rights and easements, and associated technical, engineering, legal and financial services. See N.Y. Public Authorities Law 1836-B
(a) the history and membership of the association;
(b) the history and circumstances of the plant to be acquired;
(c) financial and marketing projections and analyses sufficient to allow the authority to evaluate the continued economic viability of the project;
(d) estimate of the number of jobs to be saved or created by the project; and
(e) total anticipated project cost.
2. The application shall also include a detailed financial statement of funding partner participation in the project, which shall include:
(a) the identity of all funding partners; and
(b) the terms of the financing agreements with the funding partners, including any repayment schedules and finance charges to be included in such agreements.